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Diezani Forfeits N34b to FG

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By Dipo Olowookere

Former Minister of Petroleum Resources, Mrs Diezani Allison-Madueke, on Thursday forfeited over N34 billion to the Federal Government.

The final forfeiture which was ordered by Justice Muslim Sulaiman Hassan of the Federal High Court sitting in Ikoyi, Lagos, is made up of various sums of money-N23, 446, 300,000, N9, 080,000,000 and $5 million.

The court had, on January 6, 2017, given an order of interim forfeiture on the money, following an ex-parte application by the Economic and Financial Crimes Commission (EFCC) seeking a similar relief.

However, at yesterday’s hearing, counsel to the second respondent submitted that he wanted “a common sense approach to resolving the matter”, after filing two fresh applications for “abridgement of time” and further counter- affidavit on February 8, 2017.

He further told the court that the value of the N9, 080,000,000, which was the proceeds of illegal activity linked to his client, had changed from what it was last year.

According to him, “For as long as this matter is tied to litigation, the value will continue to diminish. In the spirit of peace, we are currently exploring reconciliatory talks towards seeking an amiable settlement in this matter.”

In his reaction, prosecution counsel said that he had filed a counter- affidavit to “some strange applications” he received from the counsel to the second respondent. He further urged the court to strike out both applications filed by the counsel to the second respondent if the intention was to keep the applications in abeyance.

“It is to arrest your Lordship’s judgment fixed for today. It is like the case of a woman in the delivery room being invited to attend a wedding. If she must attend the wedding, she must first be delivered of the baby. Your lordship had given both of us fair hearing in this proceedings. You had listened to our arguments and received affidavit evidence from us. So, I pray my Lord to remove this clog so that the coast will be clear for my Lord to deliver judgment,” he said.

After listening to both counsel, Justice Hassan stood down the matter in order to rule on the applications.

In his ruling, Justice Hassan dismissed the application of the counsel to the second respondent on the grounds that it was an after-thought.

“It will be prejudicial to allow the application to stay. I will not grant an amendment if the essence is to over-reach the respondent,” he said.

While delivering his judgment later, Justice Hassan ordered that the sum of N23, 446, 3000 and $5m should be forfeited to the Federal Government.

He further said that there was no evidence that the sum of 9.8 billion linked to the second respondent was given to him by friends and family.

The former Minister had allegedly siphoned the money from the Nigerian National Petroleum Corporation (NNPC) and stashed in three banks, including Sterling Bank Plc.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via [email protected]

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Tinubu in UAE for 2025 Abu Dhabi Sustainability Week

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Bola Tinubu 2027 presidential election

By Modupe Gbadeyanka

President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).

He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.

A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.

He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.

However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.

The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.

In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.

ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.

It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.

At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.

The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.

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Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement

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By Dipo Olowookere

The Speaker of the Lagos State House of ​Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.

Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.

Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.

This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.

Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.

Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.

In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.

Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”

He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.

However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.

Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.

“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.

Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.

As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.

Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.

For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.

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Nigeria Suffers First National Grid Collapse of 2025

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By Modupe Gbadeyanka

Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.

It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.

Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.

It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.

This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.

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